Daily Forex Update: EUR/NZD

EUR/NZD continues to rise after the earlier breakout of the Key Resistance level 1.5940 which was previously identified by Autochartist on the daily charts. Autochartist rates the Significance of this key level at the 3 bar level – which is the result of the three recent price reversals from this support level. EUR/NZD is expected to rise further toward the forecast price 1.6273, in line with the active daily impulse wave from June.

As can be seen from the daily EUR/NZD chart below, the breakout of this Key Resistance continues the active daily impulse wave, which earlier broke the resistance zone lying between the resistance trendline of the daily Triangle from April and the 61.8% Fibonacci correction of the previous downward impulse from May. This price area is acting as support zone after it was broken.The proximity of this support zone increases the probability EUR/NZD will continue to rise toward the forecast price 1.6273.

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